Q4 2021

Q4 2020

变化

营业收入           

$

4,832

$

 4,076

19%

营业利润

$

2,503

$

 1,813

38%

净收入

$

2,138

$

 1,688

27%

每股收益

$

 2.27

$

  1.80

26%

最近连续12个月

Q4 2021

Q4 2021

Q4 2020

 变化

经营现金流                                                    

$

2,357

$

8,758

           $

6,139

        43%

资本支出

$

1,282

$

2,462

           $

649

        279%

自由现金流

$

1,075

$

6,294

           $

5,490

        15%

自由现金流占营业收入百分比

34.3%

           38%

最近连续12个月

Q4 2021

Q4 2021 

Q4 2020

变化

分派股息

$

1,062

$

3,886

$

3,426

13%

股票回购

$

142

$

527

$

2,553

(79)%

总现金回报

$

1,204

$

4,413

$

5,979

(26)%

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

For Three Months Ended

December 31,

For Years Ended

December 31,

(In millions, except per-share amounts)

2021

2020

2021

2020

Revenue

$  4,832

$     4,076

$  18,344

$   14,461

Cost of revenue (COR)

1,482

1,430

5,968

5,192

Gross profit

3,350

2,646

12,376

9,269

Research and development (R&D)

389

388

1,554

1,530

Selling, general and administrative (SG&A)

404

398

1,666

1,623

Acquisition charges

—

47

142

198

Restructuring charges/other

54

—

54

24

Operating profit

2,503

1,813

8,960

5,894

Other income (expense), net (OI&E)

9

162

143

313

Interest and debt expense

49

48

184

190

Income before income taxes

2,463

1,927

8,919

6,017

Provision for income taxes

325

239

1,150

422

Net income

$    2,138

$     1,688

$    7,769

$     5,595

Diluted earnings per common share

$      2.27

$       1.80

$      8.26

$       5.97

Average shares outstanding:

Basic

924

919

923

921

Diluted

936

932

936

933

Cash dividends declared per common share

$      1.15

$       1.02

$      4.21

$       3.72

Supplemental Information

Our annual operating tax rate, which does not include discrete tax items, was 14% in both periods.

Provision for income taxes is based on the following:

Operating taxes (calculated using the estimated annual effective tax rate)

$  346

 $  272

 $1,280

  $  833

Discrete tax items

(21)

(33)

(130)

(411)

Provision for income taxes (effective taxes)

$  325

$  239

$ 1,150

$  422

A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following:

Net income

$2,138

 $1,688

$ 7,769

   $5,595

Income allocated to RSUs

(9)

(8)

(33)

(27)

Income allocated to common stock for diluted EPS

$2,129

$ 1,680

$ 7,736

$ 5,568

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

December 31,

(In millions, except par value)

2021

2020

Assets

Current assets:

Cash and cash equivalents

$  4,631

$   3,107

Short-term investments

5,108

3,461

Accounts receivable, net of allowances of ($8) and ($11)

1,701

1,414

Raw materials

245

180

Work in process

1,067

964

Finished goods

598

811

Inventories

1,910

1,955

Prepaid expenses and other current assets

335

302

Total current assets

13,685

10,239

Property, plant and equipment at cost

7,858

5,781

Accumulated depreciation

(2,717)

(2,512)

Property, plant and equipment

5,141

3,269

Goodwill

4,362

4,362

Deferred tax assets

263

343

Capitalized software licenses

85

122

Overfunded retirement plans

392

246

Other long-term assets

748

770

Total assets

$24,676

$19,351

Liabilities and stockholders’ equity

Current liabilities:

Current portion of long-term debt

$     500

$      550

Accounts payable

653

415

Accrued compensation

775

767

Income taxes payable

121

134

Accrued expenses and other liabilities

520

524

Total current liabilities

2,569

2,390

Long-term debt

7,241

6,248

Underfunded retirement plans

79

131

Deferred tax liabilities

87

90

Other long-term liabilities

1,367

1,305

Total liabilities

11,343

10,164

Stockholders’ equity:

Preferred stock, $25 par value. Shares authorized – 10; none issued

—

—

Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741

1,741

1,741

Paid-in capital

2,630

2,333

Retained earnings

45,919

42,051

Treasury common stock at cost

Shares: 2021 – 817; 2020 – 821

(36,800)

(36,578)

Accumulated other comprehensive income (loss), net of taxes (AOCI)

(157)

(360)

Total stockholders’ equity

13,333

9,187

Total liabilities and stockholders’ equity

$24,676

$19,351

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For Three Months Ended

December 31,

For Years Ended

December 31,

(In millions)

2021

2020

2021

2020

Cash flows from operating activities

Net income

$   2,138

$  1,688

$  7,769

$     5,595

Adjustments to net income:

Depreciation

200

180

755

733

Amortization of acquisition-related intangibles

—

47

142

198

Amortization of capitalized software

13

16

57

61

Stock compensation

50

42

230

224

Gains on sales of assets

(50)

(1)

(57)

(4)

Deferred taxes

(4)

(22)

15

(137)

Increase (decrease) from changes in:

Accounts receivable

(48)

(22)

(287)

(340)

Inventories

(47)

117

45

46

Prepaid expenses and other current assets

(42)

(79)

57

(79)

Accounts payable and accrued expenses

(54)

3

33

63

Accrued compensation

110

111

7

63

Income taxes payable

34

135

(20)

(181)

Changes in funded status of retirement plans

14

(25)

62

(9)

Other

43

(65)

(52)

(94)

Cash flows from operating activities

2,357

2,125

8,756

6,139